Jay Clayton, the previous chair of america Securities and Trade Commision, has accepted an advisory function with blockchain infrastructure supplier Fireblocks — marking a big addition to an organization that solely just lately achieved unicorn status.
In becoming a member of Fireblocks’ advisory board, Clayton acknowledged that he shares the corporate’s view that “digital asset custody requires the identical stage of service as conventional custody whereas additionally striving for higher regulatory outcomes.”
Michael Shaulov, the CEO and co-founder of Fireblocks, stated Clayton will “assist to advance additional the protection and safety of the Fireblocks infrastructure for capital market contributors and buyers.”
Clayton headed the SEC between 2017 and 2020, the place he helped navigate complicated and infrequently evolving regulatory necessities for the digital asset trade. Clayton was current through the 2017 cryptocurrency bull market the place issues surrounding initial coin offerings and security tokens had been on the fore.
Fireblocks represents Clayton’s second high-profile crypto engagement since leaving the securities regulator in December 2020. In March of this yr, Clayton joined a regulatory advisory council for One River Asset Administration, a crypto-focused funding supervisor. The asset supervisor stated Clayton was tapped for his huge regulatory and coverage expertise.
Crypto laws normally and tax-reporting necessities specifically have been high of thoughts for the digital asset market in current months. Present SEC chair Gary Gensler is reportedly eager on bringing more regulatory oversight to the cryptocurrency market. In the meantime, the recently passed infrastructure bill has sure provisions which will classify blockchain infrastructure suppliers as “brokers,” which might topic them to tax necessities. Nevertheless, there’s rising hope that the Treasury Division will make clear crypto tax reporting guidelines within the close to future.